Subscribe to Print Edition | Thu., November 20, 2008 Cheshvan 22, 5769 | | Israel Time: 08:16 (EST+7)
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Dollar dips to new low
By Tal Levy and Asher Schechter
Tags: Dollar

The dollar's free fall continued yesterday, declining another 0.94% against the shekel and settling at its lowest level since December 2007 - 3.482. The greenback is now off 9.5% in 2008.

Things weren't any rosier in Europe, where the euro rose to a new high of 1.5526 euros per dollar before closing the day at 1.5499.

Investors are concerned the U.S. Federal Reserve's plan to inject $200 billion into the banking system won't save the shaky credit markets from their ongoing crisis. They also believe the Fed is likely to continue lowering interest rates.
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The Fed's announcement that it would extend banks with 28-day loans in return for mortgage debt paralleled similar notices issued by central banks in Europe and Canada that they would provide $45 billion in short term loans.

Most economists believe the Fed, which has lowered interest rates by 2.25% since September will have no choice but to continue dropping its rates at its meeting next week to help pull the U.S. economy out of recession.
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